Raymond James Financial, Inc. (RJF) Stock

Raymond James Financial, Inc. (RJF) is a Financials stock trading at $172.38 (as of 2026-08-20), with a market capitalization of $33.16B and a trailing P/E of 14.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Raymond James Financial, Inc. provides financial services through segments including a Private Client Group, Capital Markets, Asset Management, and Raymond James Bank. It serves individuals, corporations, and municipalities, offering investment and portfolio services, investment banking and brokerage, asset management, and insured deposit banking services.

Understand Raymond James Financial, Inc.: how it makes money

Raymond James Financial provides investment and wealth management services, asset management, insurance and annuity products, and capital markets and banking services, earning money through client investment services and portfolio management (including mutual funds and third-party partner distribution), plus net interest and other banking-related revenue such as margin loans, securities borrowing and lending, and bank lending and assets.

A large part of RJF’s profit engine ties back to client financial activity, where higher client assets and related credit needs (AUM plus loans and margin lending) can support recurring fee and service revenue along with net interest from its banking and lending businesses.

Revenue by segment (latest quarter)
PCG$2.8B
Asset Mgmt$0.7B
Bank$0.7B

Business quality (Mixed): Well-diversified across client-facing wealth management, asset management, and banking services. The bear case is mainly about sensitivity to market conditions and credit performance, because the business relies on client assets and lending activity to generate recurring revenues.

Valuation: At 14× earnings, RJF trades 58% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Diversified client offering: Private Client Group includes investment services and portfolio management, plus insurance and annuity products and mutual funds, and it also provides support to third-party product partners.
  • Client assets and credit can reinforce each other: The company serves clients with both asset management and lending-related activities (including margin loans and securities borrowing and lending), which can create multiple revenue streams linked to client activity.

Bear case

  • Market sensitivity tied to client assets: Because asset management is a major activity (as reflected by Financial assets under management), unfavorable market conditions could pressure asset values and related revenue.
  • Credit and lending risk in the bank business: With Bank segment loans outstanding, weaker credit performance would be a risk to banking results.
  • Revenue can be affected by activity levels and partner distribution: Some revenue depends on investment services, brokerage-type activities, and support to third-party product partners, so declines in client activity or partner-driven distribution can hurt results.
Valuation — source: SEC EDGAR (first-party)
Price$172.38
Market Cap$33.16B
P/E Ratio14.8
EV / EBITDA7.0
Price / Book2.59
Price / Sales1.94
FCF Yield4.3%
DCF Value (model)$233.42
DCF Upside vs Price35.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$15.91B
Net Margin13.4%
Return on Equity18.0%
Revenue Growth (YoY)13.5%
EPS Growth (YoY)41.7%
FCF Growth (YoY)-148.6%
Valuation vs Sector & Industry
Stock P/E14.8
Sector P/E (Financials)15.1
Industry P/E (Trading)34.6
vs Sector-2.5%
vs Industry-57.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($3.49B)
Institutional Holders Tracked10
Congressional Trades (recent)4
Company
SectorFinancials
IndustryTrading
CEOPaul Marone Shoukry
Employees19,000
CountryUS
IPO Date1983-07-01

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RJF earnings history · RJF institutional & insider holders · RJF KPIs & operating metrics · RJF financials · RJF investor presentations & press releases · RJF SEC filings · RJF peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.